Are You Doing A 401k Rollover Correctly?

The Principle:

Ever left a job and needed to do a 401(k) rollover? How do you know if you did it correctly? Or worse, did you lose that account all together?

Honest Takes:

What should you be doing (or not doing) when it comes to retirement? Are you doing all you’re supposed to in regards to your rollover? On today’s episode, Brian talks through what you need to know about rollovers and the part they play in your financial plan.

Sometimes a rollover can be complicated. What happens if it gets miscalculated? Make sure when you do a rollover that nothing gets lost in communication. Be prepared to get on the phone to make these directions clear between the 401(k) company, you, and your advisor. What kind of tax difference can these decisions make? Brian shares client examples of how this can make a significant impact.

Are you working with a financial advisor or a financial planner? Are they pushing different financial products and selling? Or are they helping you plan for the future? It can be hard to find someone you trust.

Do you know the rules of your 401(k)? Most importantly, do you know where all of your accounts are? Even your old 401(k) accounts from a few decades ago? There are ways to diversify within fewer accounts. Remember, that when you pass away, all of those accounts will leave a mess for those left behind. Consolidating your affairs may be helpful for you and your family in the long-run.

What is the current state of your financial affairs?

Listen to the entire episode or click on the timestamps below to skip ahead.

[0:13] – What should you avoid doing with a rollover? 

[3:15] – Brian shares a client rollover story.

[4:36] – What’s the difference between a financial advisor and financial planner?

[6:48] – Do you know the rules of your 401(k)?

Today’s Truth:

“The point is, getting a retirement blueprint does that: it’s consolidation of your affairs.”

Brian Bowen


The Host:

Brian Bowen – Contact